Republican and Democratic senators have reached a deal on a roughly $2 trillion stimulus package to stem the economic damage from the coronavirus outbreak.
WASHINGTON – President Donald Trump, Vice President Mike Pence, senior administration officials and lawmakers would be prohibited from getting federal aid for any of their business interests under, according to a summary of the plan released by Senate Minority Leader Chuck Schumer, D-N.
Y. Republican and Democratic senators have reached a deal on a roughly $2 trillion stimulus package to stem the economic damage from the coronavirus outbreak. The package would be by far the largest fiscal stimulus in U.S. history and would include one-time payments of $1,200 per adult and $500 per child. It also would include $367 billion to help small businesses and $500 billion for loans to larger industries. The plan would"prohibit businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs," according to the summary from Schumer's office.Trump has said his family has controlled his business enterprisesDemocrats had criticized earlier proposals from Senate Republicans and the White House, arguing for restrictions on the business bailout, saying they were concerned that Trump's Treasury Department would use some of the money to help friends and allies of the president.Senators who negotiated the final plan told reporters that a $500 billion loan and loan guarantee program would be scrutinized by an independent inspector general and an oversight board.Neither Trump nor his aides have commented on the provision.shutdowns caused by the coronavirus pandemicThe Trump Organization, led by his sons Eric and Donald Jr., has had to close hotels and resorts in the United States, Ireland, and Scotland. The list includes the Mar-a-Lago resort in Palm Beach, Fla., and the golf club in Bedminster, N.J., both of which Trump has used for weekend and vacation retreats. In all, the Trump team has shuttered six of its top seven revenue-producing clubs and hotels, facilities that bring in about $174 million per year – about $478,000 per day, according to an analysis by The Washington Post. Trump's business interests have long drawn scrutiny. After his election in 2016, Trump set a presidential precedent by refusing to divest from his business interests.During round-the-clock negotiations on Capitol Hill in recent days, Trump has struck an equivocal note about his business interests could – or should – potentially benefit from the legislation. "I have no idea what they're talking about," Trump told reporters on Sunday."Let's just see what happens." The day before, Trump said,"I just don’t know what the government assistance would be for what I have. I have hotels. Everybody knew I had hotels when I got elected." The president also said business is not"thriving when you decide to close down your hotels and your businesses. It's hurting me and it's hurting Hilton and it's hurting all of the great hotel chains all over the world."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
North Korea Says Donald Trump Sent Kim Jong Un a Letter Offering Coronavirus Aid: ReportAccording to The New York Times, North Korean officials announced some details of the letter via the country's state-run Korean Central News Agency
Read more »
Fox News To Hold “Virtual” Town Hall With Donald Trump, WH Coronavirus TeamPresident Donald Trump and members of his coronavirus task force will headline a two-hour “virtual” Fox News town hall on Tuesday afternoon. The event will be co-anchored by Harris Faul…
Read more »
First lady Melania Trump tests negative for coronavirus, White House saysFirst lady Melania Trump tested negative for coronavirus, White House press secretary Stephanie Grisham told CNN Monday.
Read more »
Coronavirus Could Create Play for Donald Trump to Delay Presidential ElectionProfessor Michael Gerhardt says Trump does NOT have the power to postpone the election if the coronavirus is still out of control come Fall.
Read more »
Parker: Trump incredibly frustrated coronavirus has economy shut down.AshleyRParker: 'You are seeing a real eagerness by this president to jumpstart the economy and that is being tempered by just about every medical professional, public health official, and scientist inside and outside the White House.'
Read more »
Donald Trump sees best approval rating for three years amid coronavirus pandemicDespite criticism over the Trump administration's response to the COVID-19 outbreak, Americans' views of the president are improving.
Read more »